FOMC Lifts Funds Rate 25 bps, Policy Changes As Needed] Boston,
December 13: In a unanimous vote, the FOMC has lifted the federal funds rate by
25 basis points to a new target of 4.25%. In the accompanying statement, the
committee describes the expansion as "solid" and "possible increases in resource
utilization" may add to inflation pressures. The Fed did not fully remove the
measured pace script, instead judging "that some measured policy firming is
likely to be needed." Doves will seize on "likely" but it looks like the hawks
own the day.